Fishing Tackle Insurance Coverage
Fishing Tackle Insurance Coverage
Should I have specific insurance coverage on my collection of vintage fishing lures and tackle?
If you have Homeowner’s or Renter’s insurance, you may assume that this coverage extends to any valuable collections that you have in your home or residence. These forms of insurance are both useful and necessary and will help protect your home and some property in case of robbery, fire or other unfortunate circumstances, but they usually don’t cover everything you own in your home and it is vital to know what isn’t covered if you own a valuable collection of vintage fishing lures or other items of vintage fishing tackle needing insurance from loss.
In many policies, valuable collections are not covered or are covered to a smaller amount ($1,000 for example). Some policies that do extend this coverage only offer the coverage in case of theft, and not fire, flood, or other damage. While a beginner collection may not rise to this level of value, someone that has been collecting for a long time or who has several valuable pieces of vintage fishing tackle could reach this threshold and need insurance.
Obtaining an additional insurance rider specifically to cover your vintage fishing lure collection can avoid this problem and get you the valuable fishing tackle insurance coverage needed. A rider is an addition to your existing insurance policy that covers the cost of replacing any listed valuables. Another term used for this is scheduling. With proof of purchase and/or an appraisal with pictures, you can add a collection or individual items to your policy. Usually this insurance is sold at a fixed cost per hundred dollars of requested coverage. The costs will vary based on many factors which should be discussed with a licensed insurance agent.
If you are interested in obtaining insurance coverage for your collection of vintage fishing lures and/or other vintage fishing tackle, talk to your independent insurance agent today. Since you are already doing business with them they should be ready to help get you get the coverage you need. It is likely that they will also be able to recommend an appraiser for your collection.
Tips:
Read your home owner’s or renter’s insurance policy to determine the amount of coverage you currently have for items such as your vintage fishing tackle collection to evaluate any exposures needing additional insurance.
Have all of your lures and tackle appraised by an independent appraiser with knowledge of the field. Each item should be listed, described, and valued and be accompanied by photos.
Speak to your insurance agent about adding a rider to your existing policy to cover your vintage fishing tackle and lures that goes beyond the value of personal property covered in your basic insurance policy.
In addition to having adequate insurance any particularly valuable or difficult to replace items should be stored in a fireproof safe or similar secure storage.
Ask the agent about deductibles and their impact on overall policy costs to evaluate how to obtain the best coverage at the lowest cost.
Ask the agent if the items will be covered no matter where the loss occurs. For example, will the insurance policy cover a loss during travel to and from a tackle show?
Ask the agent if the coverage is for full replacement cost of the items.
Note: The author is not an insurance agent, nor is he licensed to sell insurance. As recommended in the article, if there are any specific questions regarding insurance, please contact a licensed insurance agent to discuss your needs.
